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    Dean Criscitiello • Autonomous Research

    Dean Criscitiello's questions to Brown & Brown Inc (BRO) leadership

    Dean Criscitiello's questions to Brown & Brown Inc (BRO) leadership • Q4 2024

    Question

    Dean Criscitiello of KBW asked if decelerating property pricing is reducing customer shopping or migration to wholesale markets. He also inquired about the impact of rising casualty rates on submission growth into wholesale lines.

    Answer

    J. Powell Brown, an executive, stated that customers are still aggressively shopping for property coverage to capture savings after years of rate hikes, describing the market as "ultra-competitive." He confirmed a continued net inflow of submissions to the E&S market for both property and casualty, as standard markets become more restrictive, and he expects this trend to persist.

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    Dean Criscitiello's questions to Bowhead Specialty Holdings Inc (BOW) leadership

    Dean Criscitiello's questions to Bowhead Specialty Holdings Inc (BOW) leadership • Q3 2024

    Question

    Dean Criscitiello of Autonomous Research inquired about the growth strategy for the new Baleen underwriting division and the drivers behind the sequential improvement in the loss ratio.

    Answer

    Chief Financial Officer Brad Mulcahey explained that the Baleen division's growth is intentionally sequential, focusing first on technology and now on broker adoption, with positive traction expected in Q4. Regarding the loss ratio improvement, Mulcahey attributed it primarily to a favorable shift in business mix and a one-time audit premium from older, lower-loss accident years, confirming no changes were made to current loss picks or prior year reserves.

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    Dean Criscitiello's questions to Aon PLC (AON) leadership

    Dean Criscitiello's questions to Aon PLC (AON) leadership • Q3 2024

    Question

    Dean Criscitiello inquired about insurance pricing differences between middle-market and large accounts and asked about the growth implications of lower interest rates on the Health and Wealth segments.

    Answer

    President Eric Andersen detailed a varied pricing environment: property seeing some decreases, North American casualty facing upward pressure, and specialty lines like D&O and cyber experiencing premium relief due to excess capital. CFO Edmund Reese and CEO Gregory Case clarified that interest rates primarily impact fiduciary investment income, not the core demand for Health and Wealth solutions, which remains exceptionally strong due to drivers like healthcare inflation and pension risk transfer activity.

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    Dean Criscitiello's questions to AXIS Capital Holdings Ltd (AXS) leadership

    Dean Criscitiello's questions to AXIS Capital Holdings Ltd (AXS) leadership • Q3 2024

    Question

    Dean Criscitiello inquired about the slight increase in the insurance core loss ratio and what market conditions are needed for AXIS to resume growth in its cyber insurance line.

    Answer

    President and CEO Vince Tizzio explained the minor uptick in the insurance loss ratio was due to prudence and business mix shift, not a change in underlying trends, noting it remains within its recent historical range. On cyber, Tizzio stated that while the company has a substantial business, it is currently reshaping its delegated component, which has impacted top-line growth. The focus is now on large accounts and a partnership with Elpha Secure, with an emphasis on disciplined underwriting and risk selection before re-accelerating growth.

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    Dean Criscitiello's questions to Arthur J. Gallagher & Co. (AJG) leadership

    Dean Criscitiello's questions to Arthur J. Gallagher & Co. (AJG) leadership • Q3 2024

    Question

    Dean Criscitiello sought more color on the sequential decrease in brokerage organic growth despite strong pricing, and asked about the competitive implications of rivals making large middle-market acquisitions.

    Answer

    CFO Douglas Howell and Executive J. Gallagher reiterated that after normalizing for reinsurance seasonality and lumpy life insurance sales, the underlying organic growth is a steady 7.5%. Regarding competitive M&A, Gallagher stated bluntly that it has 'no impact... on our business at all.'

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